Originally, Escrow is an arrangement held by a trusted third party to receive and
disburse money for other two transaction parties, time of releasing money is depend on the performance of the two parties under agreement in advance. It is also an account built under the law for holding the money of entrustor and another party until the accomplishment of one transaction.
Internet Escrow services led in by the Payment Services Directive of EU for the first time. It actualizes the web-based Escrow services practically. Cent costs services has taken place instead of expensive dollar services of Letter of Credit. In order to ensure the safety of the money, the party on behalf of Escrow service must be government regulated and licensed officially.
Nowadays Escrow has been applied in online payment. IBUonline adopts this advanced technology to its B2B portal as an industry pioneer. The purpose for making such revolutionary change is for both global buyers and sellers' sake. As the progress of international trade grows, the fraudulent cases occur much more with various means. The credit crisis is spreading all over the world.
The measure taken by IBUonline well dispels doubt of international buyers and suppliers. The detailed procedure on IBUonline portal works as following
1. Buyer pays the products with escrow securely.
2. Escrow holds the money and informs the seller to ship the product
3. Seller makes the shipment and asks for payment after confirming with carrier.
4. Buyer checks up the products and confirms well received as description.